Functions of a Good Product Manager
Astute product management requires the product manager’s involvement at every phase of the product lifecycle. Starting with the initial conceptualization and coordination with the different departments, including liaising with finance, legal and other teams, and finally, driving the product to launch and after sales service by interacting with the sales and marketing functions. To take […]
Self-Checkout Apps: The Future of Retail
The business of retail has always been evolving with technology. Companies which have been at the helm of technology have dominated the retail sector. Consider the case of Wal-Mart which reached new heights in retail thanks to pioneering the RFID based inventory system. Similarly, Amazon has been using its technological advancement to give tough competition […]
Environmental Scanning – Internal & External Analysis of Environment
Organizational environment consists of both external and internal factors. Environment must be scanned so as to determine development and forecasts of factors that will influence organizational success. Environmental scanning refers to possession and utilization of information about occasions, patterns, trends, and relationships within an organization’s internal and external environment. It helps the managers to decide […]
What is Social Media Marketing ? – Meaning and Important Concepts
We Humans are essentially social animals. Communication and interaction is vital for the Human society. People love to socialize and interact with one another. Internet technology has changed the way the people communicate. Gone are the days when one had to write a letter or book a telephone call to speak to a friend or […]
The Morality and Accountability of Corporate Decisions
In our previous discussion we have come across the fact that it is hard to establish the accountability and responsibility of corporate decisions but does this mean that a corporation can take infinite liberties with the flexible law structure and systems ? Is it possible for corporate decisions to be moral with social goals met […]
It is crucial to understand the complete product life cycle before introducing a new product or service in the market. One needs to understand that every product goes through certain stages starting from inception to its manufacturing, marketing, branding and finally losing popularity in the market. It is essential for the organizations to manage the product life cycle well as it ensures the product is launched successfully in the market and also gain popularity in no time eventually leading to increased sales and profitability of the organization.
Let us understand product life cycle in detail:
Understand the expectations of your target audience and how your product should offer something extra than your competitors. Know what you want. This is one of the most crucial stages in product life cycle as it decides whether the product will be able to survive the fierce competition and give other available brands in the market a run for their money.
Planning at this stage is extremely crucial. Decide as to what the technical specifications should be, tentative price, target audience and how the product needs to be marketed. Jot down each and every detail neatly on a piece of paper so that you do not miss out on anything.
Make sure you never compromise on quality so that the final product not only meets but exceeds customers’ expectations. That’s the reason why organizations have a separate quality department who check each and every product thoroughly to ensure hundred percent product satisfaction. The checked product then goes to the packaging department and finally to distribution channels.
Tie up with a good advertising agency who designs a catchy advertisement for your product.Get pamphlets distributed, hoardings and banners displayed at the most strategic locations for maximum visibility.
Remember, information needs to flow in its desired form among all the stages of product development. Coordination is extremely crucial as the next stage is totally dependent on the previous step. Communication needs to be effective among all team members so that everyone is clear about his/her roles and responsibilities and contribute to the maximum.
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